London-based hydrogen truck maker Tevva has raised an additional $ 51 million (£ 41.6 million) to accelerate the production of its 7.5-tonne all-electric and electric hydrogen trucks.
First, fundraising reported from Sifted, was filed with Companies House and later confirmed by Tevva. This followed the company’s increase of 57 million dollars (46 million British pounds) in November last year and brought the total funding of the company to 140 million dollars (114 million British pounds).
Speaking of UKTN, A spokesman said: “All funds raised are directed to key stages of the company, including the start of series production of the 7.5-ton all-electric Tevva truck in the third quarter of 2022 by its UK manufacturing plant and the ongoing development of its 7.5-ton hydrogen electric truck.
“These important milestones will make Tevva deliver zero-emission trucks to customers over the next few months.
The spokesman added that Tevva plans to launch its 7.5-tonne hydrogen-electric truck at some point this summer, with the 12-tonne version expected to be launched next year, followed by a 19-tonne in 2024.
Its 7.5-tonne trucks will have a range of up to 160 miles, space for 16 europallets and take five hours to load from 10% to 90%, Tevva said.
The company aims to produce 3,000 trucks each year by 2023, generating 1,000 jobs in the process.
According to Explore Grand ViewThe electric truck market is estimated at $ 14.19 billion (£ 11.5 billion) by 2027, compared to $ 1.15 billion (£ 938 million) in 2020.
In April, Tevva launched its new base in MIRA Technology Park in Nuneaton, Warwickshire and earlier this year hired him Ian Harnett as chairmanwho has experience from Jaguar Land Rover.
Tevva has previously sold 15 of its second-generation trucks to UPS.
Hydrogen technology is still a nascent field, with only a few hydrogen-powered vehicles currently on the market.
Hydrogen fuel cells combine oxygen and hydrogen atoms to produce electricity. It produces water and a small amount of heat as a by-product instead of environmentally harmful emissions.
This is a key area of interest for the UK government carbon reduction plan.
Chemical and Sustainable Energy Technology Company Johnson Matthey received a £ 400m loan from the government in April to develop hydrogen technology.